Investing.com - Manufacturing activity in the Philadelphia-region expanded at a slower rate than expected in December, dampening optimism over the U.S. economic outlook, official data showed on Thursday.
In a report, the Federal Reserve Bank of Philadelphia said that its manufacturing index improved to 7.0 this month from November’s reading of 6.5. Analysts had expected the index to rise to a reading of 10.0 in December.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
Labor market indicators showed little improvement this month. The current employment index edged up 1 point from its reading in November to 2.2. The future general activity index fell 2 points, to 44.0.
Following the release of the data, the U.S. dollar held on to gains against the euro, with EUR/USD shedding 0.15% to trade at 1.3665.
Meanwhile, U.S. equity markets remained lower. The Dow Jones Industrial Average shed 0.15%, the S&P 500 index dipped 0.25%, while the Nasdaq Composite index fell 0.5%.
In a report, the Federal Reserve Bank of Philadelphia said that its manufacturing index improved to 7.0 this month from November’s reading of 6.5. Analysts had expected the index to rise to a reading of 10.0 in December.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
Labor market indicators showed little improvement this month. The current employment index edged up 1 point from its reading in November to 2.2. The future general activity index fell 2 points, to 44.0.
Following the release of the data, the U.S. dollar held on to gains against the euro, with EUR/USD shedding 0.15% to trade at 1.3665.
Meanwhile, U.S. equity markets remained lower. The Dow Jones Industrial Average shed 0.15%, the S&P 500 index dipped 0.25%, while the Nasdaq Composite index fell 0.5%.